The following table illustrates the production possibilities of an economy that produces two goods, lithium battery...
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The following table illustrates the production possibilities of an economy that produces two goods, lithium battery and crude oil. (ii) Lithium Battery (units) Crude Oil (units) (111) 500 480 420 340 240 (ii) 0 0 100 200 300 400 500 (i) Calculate the respective opportunity costs incurred when the economy increases crude oil production from 0 to 100 units and from 300 to 400 units. Make an observation about the values computed and provide a suitable explanation for the pattern observed. 600 (4 marks) Based on your answer to part (i), suggest a suitable value for the blank in the table. (2 marks) If the economy discovers more lithium deposits, use a diagram to illustrate and explain how the PPC will change. Include relevant values from the table above in the diagram. (4 marks) The following table illustrates the production possibilities of an economy that produces two goods, lithium battery and crude oil. (ii) Lithium Battery (units) Crude Oil (units) (111) 500 480 420 340 240 (ii) 0 0 100 200 300 400 500 (i) Calculate the respective opportunity costs incurred when the economy increases crude oil production from 0 to 100 units and from 300 to 400 units. Make an observation about the values computed and provide a suitable explanation for the pattern observed. 600 (4 marks) Based on your answer to part (i), suggest a suitable value for the blank in the table. (2 marks) If the economy discovers more lithium deposits, use a diagram to illustrate and explain how the PPC will change. Include relevant values from the table above in the diagram. (4 marks)
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